Moody's rates Igloo notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Igloo Holding Corp.'s proposed $350 million senior unsecured and unguaranteed notes due 2017 and raised Interactive Data Corp.'s senior unsecured note rating to B3 from Caa1.

The agency said it also transferred the B2 corporate family rating, B2 probability of default rating and SGL-2 speculative-grade liquidity rating from Interactive Data to its parent, Igloo, since Igloo is now the top-level debt issuer within the organization.

Moody's said it updated the loss-given default assessments to reflect the revised debt structure. The outlook is stable.

Moody's said it is nevertheless maintaining the B2 corporate family rating based on an expectation that Igloo will generate positive free cash flow and return leverage below 7x in 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.